Low-sodium salt maker MicroSalt has raised $2.3m in an oversubscribed fundraising, which it intends to use to build inventory and increase sales and marketing, as sales momentum continues to rise.
MicroSalt said on Monday that it had closed the fundraising through a subscription of 3.32m shares at Friday's closing price of 70p per share. £1.2m of the funds would be used to invest in inventory to meet predicted B2B customer demand this year, with orders from snack manufacturers expected to grow significantly.
MicroSalt said it has received commitments for 290 metric tonnes in additional bulk orders for 2025. "Based on existing orders for Q1 2025 and expected orders for the rest of 2025 for existing product lines, B2B volumes are projected to increase more than 10 times than manufactured in 2024," the company said.
Meanwhile, a new product aimed at the quick service restaurant industry was also launched last month, and the company has seen "positive early interest" so it stepping up sales and marketing efforts to accelerate the commercial rollout.
Shares in the AIM-listed company were up more than 20% at 84.25p by 1005 GMT.